NEW YORK (TheStreet) -- Shares of Amazon.com Inc (AMZN) are falling by 3.31% to $331 after Apple (AAPL) launched Apple Pay and two versions of the iPhone 6 in its launch event this afternoon, threatening Amazon's e-commerce mobile platform and its Fire Phone.
Apple Pay is a mobile payment system linked to a credit card that consumers can use by holding their iPhones to a payment device.
A number of financial institutions and retailers like Whole Foods Market (WFM) , The Walt Disney Company (DIS) , and McDonald's Corp. (MCD) have already signed on to accept the payment system which will be available starting next month.
Separately, TheStreet Ratings team rates AMAZON.COM INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate AMAZON.COM INC (AMZN) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, weak operating cash flow and feeble growth in the company's earnings per share."